Corona Lighting Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02560057 (England and Wales)

CORONA LIGHTING LTD

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr. M Day

REGISTERED OFFICE:

Unit 4c Palmersvale Business Centre

Palmerston

Barry

CF63 2XA

REGISTERED NUMBER:

02560057 (England and Wales)

ACCOUNTANTS:

Carston Chartered Accountants

Tudor House

16 Cathedral Road

Cardiff

CF11 9LJ

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

4,693

5,893

Investment property

6

100,000

100,000

104,693

105,893

CURRENT ASSETS

Stocks

1,670

4,500

Debtors

7

6,974

6,739

Cash at bank

41,073

38,072

49,717

49,311

CREDITORS

Amounts falling due within one year

8

19,355

23,086

NET CURRENT ASSETS

30,362

26,225

TOTAL ASSETS LESS CURRENT LIABILITIES

135,055

132,118

CREDITORS

Amounts falling due after more than one year

9

(57,618

)

(55,477

)

PROVISIONS FOR LIABILITIES

(14,999

)

(15,226

)

NET ASSETS

62,438

61,415

CAPITAL AND RESERVES

Called up share capital

1,002

1,002

Retained earnings

61,436

60,413

SHAREHOLDERS' FUNDS

62,438

61,415

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 30th March 2022 and were signed by:

Mr. M Day - Director

1.	STATUTORY INFORMATION

Corona Lighting Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2004, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

Over 20 years

Plant and machinery

-

15% straight line on cost

Fixtures and fittings

-

15% straight line on cost

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Going concern

The director has considered the effect of the Covid-19 outbreak. The outbreak has caused some disruption to the company's business to date and led to the company applying for local government grant assistance and debt finance in the form of a Bounce Back loan. The director considers it unlikely that a prolonged outbreak will cause any further significant disruption. Accordingly at the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1st July 2020

and 30th June 2021

7,500

AMORTISATION

At 1st July 2020

and 30th June 2021

7,500

NET BOOK VALUE

At 30th June 2021

-

At 30th June 2020

-

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

Totals

£

£

£

£

COST

At 1st July 2020

and 30th June 2021

8,053

18,063

10,364

36,480

DEPRECIATION

At 1st July 2020

3,489

18,063

9,035

30,587

Charge for year

403

-

797

1,200

At 30th June 2021

3,892

18,063

9,832

31,787

NET BOOK VALUE

At 30th June 2021

4,161

-

532

4,693

At 30th June 2020

4,564

-

1,329

5,893

6.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st July 2020

and 30th June 2021

100,000

NET BOOK VALUE

At 30th June 2021

100,000

At 30th June 2020

100,000

The director valued the investment property for the purpose of these financial statements on the basis of his best estimate of its open market value for existing use.

Fair value at 30th June 2021 is represented by:

£

Valuation in 2016

74,248

Cost

25,752

100,000

If the investment property had not been revalued it would have been included at the following historical cost:

2021

2020

£

£

Cost

25,752

25,752

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

5,174

4,684

Other debtors

1,800

2,055

6,974

6,739

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

2,567

2,277

Trade creditors

7,190

7,119

Taxation and social security

4,157

4,345

Other creditors

5,441

9,345

19,355

23,086

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

57,618

55,477